GEM expands fleet

Dubai, November 25, 2009

Gulf Energy Maritime (GEM), the Middle East's largest independent commercial product tanker operator, has implemented its fleet expansion targets for 2009 by receiving a total of six new vessels in the year.

Named Gulf Crystal, the fourth 75,000 dwt Panamax vessel and the sixth newest ship received by GEM this year from Hyundai Mipo Dockyard (HMD) - South Korea’s biggest ship builder - becomes the 17th vessel in GEM’s fast-growing fleet.

Earlier in the year, GEM had taken delivery of five new vessels – two 47,000 dwt tankers and three 75,000 dwt product oil tankers – all built and delivered by HMD in accordance with GEM’s design and specifications in order to ensure implementation of its strict adherence to very high standards of safety, quality, reliability and environmental efficiency.

“Indeed, the delivery of Gulf Crystal by HMD is very historic and eventful for GEM,” said Al Mehairi, GEM chairman.

“Apart from it being the last vessel built and delivered by HMD to GEM this year, and the numbers it represents in terms of the new vessels we have received in just a span of one year, our fast-growing fleet clearly indicates the company’s resilience in the face of what appears to be an overwhelming challenge in the ongoing global financial crisis.”

Al Mehairi continued: “The delivery of Gulf Crystal undoubtedly shows our sound business standing that has gained the trust and confidence of our financial backers and ship-building partners to enable us to go full throttle into our fleet expansion programme.

“And as an effect, this trust and confidence has increased our capacity and capability to deliver to the market such high quality products and services, and has further elevated GEM’s standing in the industry as amongst the top product tanker operators in the world,” he added. – TradeArabia News Service